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May has only just begun, but already, it has not been a good month for the tech industry in terms of layoffs. Since the month started, several prominent names in technology have announced layoffs, some involving a significant number of workers. Here are the companies involved in the latest round of tech layoffs
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Panasonic Holdings
The iconic Japanese electronics giant, founded over a century ago, announced on May 9 that it would eliminate 10,000 jobs. That reduction equates to about 4% of Panasonic’s total workforce, reports Bloomberg.
According to Panasonic CEO Yuki Kusumi, the cuts are to better prepare the electronics maker for the next few decades. The company will reportedly trim back operations in nongrowth areas such as televisions and industrial products in order to concentrate on other areas, including artificial intelligence (AI).
On an earnings call, Kusumi addressed the cuts, saying he was “truly sorry.” He added: “If we don’t make drastic cuts to our fixed cost structure, we won’t be able to chase growth again.”
Of the planned cuts, 5,000 jobs are expected to be lost in Japan, while the other 5,000 jobs will be cut overseas. It is unknown how many American jobs will be lost in the cuts.
Match Group
The owner of the world’s most popular dating apps, including Tinder and Hinge, has announced it will cut 13% of its staff. As noted by Bloomberg, in 2024, Match employed about 2,500 full-time workers, which means that the company will be cutting around 325 individuals.
Match Group’s new CEO, Spencer Rascoff, announced the cuts when reporting the company’s Q1 2025 results yesterday, May 8. In recent years, younger generations, particularly Gen Z, have begun to sour on dating apps, a trend that Rascoff addressed in March, a month after becoming Match Group’s CEO.
“Too often, our apps have felt like a numbers game rather than a place to build real connections, leaving people with the false impression that we prioritize metrics over experience,” he said in a letter to employees. “That needs to change.”
Bloomberg says the cuts will see one out of every five managers be let go at Match and quotes Rascoff as saying the aim of the cuts is to help the company focus on “product velocity” to drive growth.